What Do You Need for an International Wire Transfer?

International wire transfers enable the electronic movement of funds across national borders between bank accounts. They are often used for sending money to family, paying international invoices, or making cross-border investments. Understanding the required information and processes helps ensure a smooth transfer.

Information for Sending an International Wire Transfer

To send an international wire transfer, you will need specific details about the recipient and their financial institution. This includes the recipient’s full legal name, complete physical address, and the full name and address of their bank.

The recipient’s bank account number is needed. For transfers to many countries, especially within Europe, an International Bank Account Number (IBAN) is required. An IBAN uniquely identifies an individual bank account for cross-border payments and helps reduce errors.

Another identifier needed is the Society for Worldwide Interbank Financial Telecommunication (SWIFT) code, also known as a Bank Identifier Code (BIC). This code identifies the specific bank and financial institution globally, ensuring funds are routed to the correct bank. The SWIFT/BIC code is typically 8 or 11 characters long and functions similarly to a routing number for international transfers. You may also need details for any intermediary banks, especially if your bank does not have a direct relationship with the recipient’s bank. Finally, the purpose, exact amount, and currency of the transfer are necessary for compliance and processing.

Information for Receiving an International Wire Transfer

If you are expecting to receive an international wire transfer, you will need to provide the sender with your banking information. This includes your full legal name and current address, along with the complete name and address of your bank.

The sender will require your bank account number. For international transfers, particularly from or to European countries, your International Bank Account Number (IBAN) is often needed.

Your bank’s SWIFT/BIC code is also essential for the sender to route the transfer to your specific bank. Providing accurate information is important to prevent delays or issues with receiving your funds.

How to Send an International Wire Transfer

Once you have gathered all the necessary recipient and bank information, you can initiate an international wire transfer through various methods. Many banks offer online banking platforms or mobile applications. You typically log in, navigate to the wire transfer section, and input the collected recipient details, including their name, address, bank information, account number or IBAN, and SWIFT/BIC code. After entering the amount and currency, review and confirm the transaction.

Alternatively, you can send an international wire transfer in person at a bank branch. This process usually involves visiting a branch, providing government-issued identification, and filling out a wire transfer request form with the recipient’s details. Bank staff will assist in verifying the information and completing the transaction. Some banks may require in-person verification due to the high-risk nature of wire transfers.

Third-party money transfer services also provide options for international transfers. These services often have online platforms or physical locations. The process involves setting up an account, entering the recipient’s information, and funding the transfer using various payment methods, such as a bank account or debit card.

Understanding Wire Transfer Timelines and Fees

International wire transfers typically take a few business days to process and for funds to become available to the recipient. The average processing time ranges from one to five business days. However, some transfers might clear within a single business day, while others could take longer due to various factors.

Several elements can influence the timeline, including bank cut-off times, weekends, and public holidays in either the sending or receiving country. Currency conversion can also add to processing time, especially if less commonly traded currencies are involved. Intermediary banks, which may be needed to facilitate transfers between banks without direct relationships, can also introduce additional delays and fees. Compliance checks, such as those related to anti-money laundering regulations, can further extend processing times.

Fees for international wire transfers can vary significantly. You might encounter fees from your sending bank, the recipient’s bank, and any intermediary banks. Outgoing international wire transfer fees from US banks can range from approximately $5 to $75, while incoming fees can be up to $25. Intermediary banks typically charge their own fees, often between $15 and $50 per transaction, which can be deducted from the transferred amount.

Senders can often choose who pays these fees: the sender pays all (“OUR”), the recipient pays all (“BEN”), or fees are shared (“SHA”). Consult with your bank regarding their specific fee schedule and exchange rates before initiating a transfer.